#Ports&Shipping –The latest IMDO Weekly Shipping Market Review includes the following stories as detailed below.
Container Market: Further consolidation predicted - Consolidation is set to continue in the container market, as low freight rates and persisting overcapacity will lead to further alliances or mergers, according to the ratings agency Fitch. The agency believes that smaller and less financially stable operators in the market will be pressured into consolidation as the larger players continue to form alliances amongst themselves and intensify competition. This follows the recent FMC approval of the P3 Network, covering the markets three largest participants (Maersk, MSC, CMA/CGM), while the CKYH alliance also recently expanded to incorporate Evergreen.
Shipping Industry: Confidence rises to near 6 year high - Confidence in the global shipping industry has risen to its highest level since May 2008 during the course of the last three months, according to the latest Moore Stephens Shipping Confidence Survey. Confidence rose across the board for all respondent categories– which included owners, charterers, managers, brokers and others–to bring February's confidence rating up to 6.5 on a scale of 1 to 10.
Irish Economy: Ireland forecast to outperform Eurozone - Ireland economy is forecast to outperform other peripheral Eurozone countries in its emerging recovery from the crisis, according to EY's latest Eurozone Forecast. EY have increased their growth forecast to 1.8% in 2014 for Ireland, up from 1.7% in December, stressing the recovery in domestic demand appears to now be more entrenched, while net trade will continue contributing positively to the economy, especially given the strong growth in the UK.
For more on each of the above and other stories click the downloadable PDF IMDO Weekly Markets Review (Week 13). In addition to coverage on Afloat.ie's dedicated Ports & Shipping News section.
